Tin-plate maker shuts factory in Balochistan

Siddiqsons Tin Plate Ltd (STPL) has decided to close its factory due to heavy taxation, low sales, and a workers’ strike. The company informed its shareholders through the Pakistan Stock Exchange on Thursday that it has initiated the formal process to shut down its plant located in Balochistan. “As per the decision of the board of directors recorded on Sept 4, the company has initiated the formal process for the closure of the tinplate plant located at Winder, Balochistan,” said the notice. Many industries have been raising their voices against the harsh taxation measures announced in the budget for 2024-25, asking the government to stop further unemployment in the country.